NEW YORK (TheStreet) -- Anadarko Petroleum Corp. (APC) - Get Anadarko Petroleum Corporation Report stock is rising by 3.25% to $62.31 in early afternoon trading on Tuesday, after oil prices gained as the dollar weakened and political tensions in the Middle East increased.
WTI crude is up 2.97% to $42.99 per barrel, while Brent crude is rising 2.92% to $46.14 per barrel this afternoon, according to the CNBC.com index.
Turkey shot down a Russian fighter jet close to the Syrian border earlier today because of an alleged air space violation, Reuters reports.
The political tensions, coupled with a weaker dollar, is boosting incentives to acquire crude oil, Reuters added.
The Woodlands, TX-based Anadarko Petroleum is an independent oil and gas producer.
Not only are the chart/technicals important, but so too is the option flow, which I have followed closely for years. Anadarko Petroleum has shown some robust buying of late, and Monday had some big flow in several strikes in January and beyond. The chart is not in the best shape, but if we look carefully we'll find the area around $58-$60 as a place where buyers step in.
The upside could be at the downtrend line up near $72, so perhaps 20% higher than Monday's close around $60. Moving average convergence divergence (MACD) has bottomed, and while we don't predict turns happening, this could move higher and on a buy signal in just a few more days. As information, the last time Anadarko went on a buy signal was at this price. It rose about 23% before stalling.
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